MANHATTAN RESIDENTIAL SALES REPORT-2ND QUARTER 2015

Manhattan home prices reached a record-high of $936,683 in June, according to StreetEasy’s Manhattan Price Index (MPI). However, price growth across the borough has slowed for 17 consecutive months and prices grew at a rate of 5.8 percent, down from a 7.7 percent rate in 2014.
The key market force driving high prices in Manhattan is constrained inventory. Although the number of for-sale listings available throughout the quarter rose by 14.1 percent from the previous quarter, inventory was just 0.1 percent above last year’s total. The lack of significant inventory growth was due in large part to a 3.1 percent decline in co-op listings. Listings for condos and townhouses in Manhattan managed to grow by 3.0 percent and 11.0 percent from last year, respectively.